Nationwide Overdraft Facility - beware !

happyfeets

Just wanted to back up a point in the Main Site's Best Bank Accounts article - Nationwide Flex Account overdraft facility not being a long term guarantee.
I had an overdraft with them of £3000.00 which I had for 6 months and was advised it would be reviewed every 6 months. Having had overdrafts before with Abbey and Lloyds on a long term basis (yes - living off my overdraft - not great but not unusual), I was not concerned until I received a letter saying that I no longer met their overdraft requirements (because I basically lived off this) and I had to pay the £3K back immediately.

After explaining I couldn't, they wanted me to put the balance on my credit card which I refused, and I now have a £100 monthly overdraft reduction facility with them, until I am back to £0.

This was a major issue for me at the time as every penny was clearing other debts, and I wanted to highlight it for anyone who is considering switching to them and needs an overdraft facility.

They've been great with everything else... but I think it might be time for a change !

RayWolfe

A very good thing.
The sooner people realise that overdrafts are for temporary problems, the better.
It is to no ones benefit to live in an overdraft, as countless people have realised but countless people will never learn.

catwoman150

I think that it is going to be happening to a lot of people in the coming months. I have a Nationwide overdraft and a Halifax overdraft and at the top of both my statements I have noticed that they have both got review dates on them.

headoutthesand

catwoman150 wrote: »

I think that it is going to be happening to a lot of people in the coming months. I have a Nationwide overdraft and a Halifax overdraft and at the top of both my statements I have noticed that they have both got review dates on them.

My OH hada £450 OD with halifax which was to be renewed in October. He got a letter through saying that he had to pay it asap. When he called them and said that he didn't have the money at that time, they put him on a v.v.v.v.v.v strick repayment plan. He paid £50 for 3 months then paid the rest off in full.

We have a £600 OD with Bank of Scotland but will be hoping to clear this in the next month or 2.